Optimum Communications (NYSE:OPTU) Shares Gap Up – Here’s Why

Optimum Communications, Inc. (NYSE:OPTU)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $1.40, but opened at $1.46. Optimum Communications shares last traded at $1.3750, with a volume of 105,575 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OPTU. Benchmark downgraded Optimum Communications from a “buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Optimum Communications in a research note on Wednesday, January 21st. Raymond James Financial lowered shares of Optimum Communications from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 11th. Zacks Research cut shares of Optimum Communications from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 18th. Finally, Citigroup downgraded shares of Optimum Communications from a “buy” rating to a “neutral” rating in a report on Sunday, February 15th. Four research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus target price of $2.19.

Optimum Communications Price Performance

The stock has a market capitalization of $611.60 million, a P/E ratio of -0.33 and a beta of 1.51. The firm has a 50 day moving average of $1.52 and a 200-day moving average of $1.87.

Optimum Communications (NYSE:OPTU) last posted its quarterly earnings results on Thursday, February 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.14). During the same quarter in the previous year, the business earned ($0.12) earnings per share. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, equities analysts expect that Optimum Communications, Inc. will post -0.24 earnings per share for the current year.

Insider Activity at Optimum Communications

In related news, General Counsel Michael Olsen sold 250,000 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $1.60, for a total value of $400,000.00. Following the completion of the transaction, the general counsel directly owned 1,496,277 shares of the company’s stock, valued at $2,394,043.20. This trade represents a 14.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 44.60% of the company’s stock.

Hedge Funds Weigh In On Optimum Communications

Hedge funds have recently made changes to their positions in the business. Swiss Life Asset Management Ltd bought a new position in shares of Optimum Communications during the 3rd quarter worth about $26,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Optimum Communications in the third quarter valued at about $27,000. Voleon Capital Management LP acquired a new position in Optimum Communications in the third quarter worth about $31,000. Wealth Enhancement Advisory Services LLC raised its position in Optimum Communications by 50.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,300 shares of the company’s stock worth $39,000 after purchasing an additional 5,156 shares in the last quarter. Finally, Morningstar Investment Management LLC bought a new position in Optimum Communications during the third quarter worth about $39,000. Institutional investors and hedge funds own 54.85% of the company’s stock.

About Optimum Communications

Altice USA, Inc, together with its subsidiaries, provides broadband communications and video services in the United States, Canada, Puerto Rico, and the Virgin Islands. It offers broadband, video, telephony, and mobile services to approximately five million residential and business customers. The company’s video services include delivery of broadcast stations and cable networks; over the top services; video-on-demand, high-definition channels, digital video recorder, and pay-per-view services; and platforms for video programming through mobile applications.